IoT - What's It Worth?
Published 26 January 2016 by Shane Egan
I came across this interesting image and it got me thinking, is it worth the time?
With IoT and M2M it can be a hard sell, most of our customers come to us through word of mouth rather than advertising or other routes; I think this is interesting and very different from a lot of product based sectors. This could be due to a number of reasons from marketing strategies to how people think. Personally speaking I believe a lot of people don’t realise what is possible with technology these days and the advantages automation can bring to the table. Many people understand the “Time is money” mantra but few translate this to investing for the future with additional time and money to develop an IoT / M2M system that can drastically improve the efficiency of a company process.
One major way M2M can benefit your business is by reducing/focusing man hours in one area or another. Making up some ballpark figures here let’s say a skilled worker is paid £12 per hour and works a 40 hour week. If they are required to visit sites full time to check equipment that is approximately £25,000 per person (factor in other employee costs and this number inflates considerably). Thats a lot of money and things just scale up from there when a company has a team of people.
I’m not suggesting that an M2M system can totally replace this person but it can hugely increase the efficiency of a work force letting them get on with the job in hand rather than wasting time ultimately leading to company growth.
Imagine a world where you could fix a problem before it happened, or minimise the impact of an issue with minimal effort on your part - you already can. Increasing and maintaining company reputation is very difficult to put a monetary value on but IoT / M2M can make it happen. With advanced data analysis it is possible to detect issues even before they occur letting you help your customers before they have a problem. To our clients brand reputation is key to success and our systems provide them with an invaluable competitive advantage.
What if? That is the big question. What if an asset was stolen or lost? What if an asset was damaged? IoT / M2M can protect your assets remotely. Maybe a customer abuses a piece of equipment - you can tell with the right M2M system. Depending on your business arrangements this could reduce insurance premiums and correctly allocate blame for misuse of a product.
Additional Revenue Streams & Other Benefits
In some instances IoT / M2M can add a lot of value to a product and this can be marketed as an additional pay for feature to the customer.
Hassle free upgrades - New features can be added by updating the firmware “over the air”.
As you can see it can be hard to put a price on an M2M system, the correct system could help to bring your company/ product to the next level. It may not be a clear cut decision and hard to quantify but our whole aim as a telemetry company is to bring advancements to your company in one way or another.
How much of an impact can a IoT / M2M system bring to your company? We would like to help you answer this question - get in touch.